Apr. 28, 2014, 11:35 AM
- Sinopec (SNP -0.4%) reports a larger than estimated 15% drop in Q1 profit, hurt by higher finance expenses due to the weaker Chinese yuan.
- SNP's sales declined 8% to 641B yuan and operating profit at its E&P business dropped 19% to 13.2B in the quarter; crude oil output rose 9% to 89.4M metric tons, while its realized oil price declined 4%, and gas output gained 9% to 177.4B cf.
- PetroChina (PTR), China’s biggest oil and gas producer, posted a 5% decline in Q1 profit last week; both companies were hurt by the weaker Chinese yuan, which has a bigger impact on SNP because the China's biggest refiner and crude oil importer buys ~70% of the crude it needs in U.S. dollars.
Mar. 28, 2014, 8:21 AM
- Cnooc (CEO) posted an 11.4% drop in its 2013 net profit, well below analyst forecasts, to 56.5B yuan ($9.3B) vs. 63.7B yuan the previous year, as it struggled to deliver production growth and control costs amid weakening crude prices.
- China's largest offshore oil and gas producer nevertheless says it expects to boost capital spending by 14%-30% this year, a sharp contrast to plans from rivals PetroChina (PTR) and Sinopec (SNP), which said they will cut capital expenditure this year by 7% and 4.2% respectively.
- SNP had reported 2013 net profit rose 3.4%, while PTR had reported a 12% rise.
- Production rose 20.2% Y/Y to 411.7M boe in 2013, thanks to contributions from newly acquired Nexen; excluding the contribution, Cnooc produced 350.9M boe, missing for the third year in a row its compound annual growth target of 6%-10% set for the 2011-15 period.
Mar. 24, 2014, 7:54 AM
- Sinopec (SNP) reports a 3.4% increase in its 2013 net earnings to 66.1B yuan ($10.6B) vs. analyst consensus estimate of 69B yuan and 63.9B yuan a year earlier, and says it plans to reduce capital spending 4.2% to 161.6B yuan this year.
- SNP says it expects to complete the sale of up to 30% of its marketing business in Q3 of this year, and plans to set up a holding company for the marketing assets by the end of March, Chairman Fu Chengyu says.
- Says oil and natural gas production rose 3.5% to 442.8M boe last year, and forecasts production of 363.8M barrels of oil and 706.2B cf of natural gas in 2014.
- Says production at the Fuling field, SNP's first commercial shale gas field, is running ahead of schedule; SNP expects it to produce 1.8 cubic meters of shale gas this year, 9x China’s total output of shale gas last year.
- PetroChina (PTR), China’s largest oil producer, also is cutting capex; it said last week its spending target for 2014 was 7.1% lower Y/Y.
Oct. 29, 2013, 9:39 AM
- Sinopec (SNP +3.5%) reports its Q3 net earnings rose 20% Y/Y to 22B yuan ($3.6B), or 0.18 yuan/share, due to an improvement in refining margins after China reformed fuel pricing in March.
- SNP processed 174.2M metric tons of crude oil in the January-September period, up 6.4% from a year earlier; the average selling price of its oil fell 5.5% to $95.11/bbl in the period.
- Operating profit from the refining business was 6.7B yuan in the first nine months, compared with a loss a year earlier; crude and natural gas production rose 4% in the period to 331M barrels.
Apr. 26, 2013, 6:57 AM
Apr. 25, 2013, 10:22 AMSinopec's (SNP -0.4%) Q1 net profit jumped 25% Y/Y to 16.7B yuan ($2.7B) from 13.4B yuan, due to an improved refining business. SNP processed 58.7M metric tons of crude oil in the quarter, up 5.9% from 55.4M tons. The average selling price of its oil fell to $98.83/bbl from $106.10 a year earlier. Agrees to sell a 30% stake in an oil and gas block in Myanmar to Taiwan's CPC Corp. | Comment!
Mar. 24, 2013, 3:43 AM
Aug. 27, 2012, 5:11 AMSinopec (SNP): H1 net profit -40% to 24.5B yuan ($3.8B), revenue +9.3% to 1.3T yuan. Losses at refining division widen by about 50% to 18.5B yuan. Chemicals losses 1.2B yuan. Overall profit falls due to controls preventing Sinopec from passing on oil price rises to consumers. Crude oil output +4.3% to 163.1M barrels. Natural gas +14% to 8.2B cubic meters. (PR) | Comment!
SNP vs. ETF Alternatives
China Petroleum & Chemical Corp is engaged in the oil & gas and chemical operations & businesses, including exploration, development, production, refining, transportation, storage & marketing of crude oil & natural gas & production of chemicals.
Other News & PR